27. Interests in joint ventures and associates

Set out below are the joint ventures and associates of the Group, consolidated by the equity method:

In August 2025, the company Pure Planet, S.A. was incorporated, with the corporate purpose of collecting and processing urban and industrial waste, in which the Group holds 33.33% of the share capital. This entity is included in the Group’s Consolidated Financial Statements using the equity method.

During the 2025 financial year, the associate Andfjord Salmon Group AS (“Andfjord”) completed two capital increases, in which the Group, through its subsidiary JMA, acquired a total of 14.6 million shares for a total amount of €45 million. As of 31 December 2025, the Group’s interest in Andfjord amounted to 35.11%. Additionally, as mentioned in note 11, in December 2025, Andfjord launched a new capital increase, for which JMA made an advance payment of €20 million. This capital increase was only completed in January 2026, with JMA receiving an additional 9 million shares, thereby increasing its total ownership to 39.72% (note 30).

In December 2025, the Group, through its subsidiary JMA, acquired 12.7 million shares of the Norwegian company Norcod AS, corresponding to an 18.06% interest, for an amount of €13 million. Norcod produces cod through aquaculture and is considered an associate in the Group’s accounts, being included in the Group’s Consolidated Financial Statements using the equity method. The Group’s assessment supporting the classification of Norcod as an associate is disclosed in note 2.6.

Andfjord and Norcod are listed on Euronext Growth Oslo, and at the date of preparation of these Consolidated Financial Statements, the financial information of these two groups for December 2025 had not yet been published, therefore, when updating the investment value, it was used the most recent published information, related to the previous quarter (September 2025).

27.1. Financial statements and reconciliations to the consolidated financial statements

The financial statements of joint ventures and associates integrated into the consolidated by the equivalence method, present the following values, which were adjusted for the accounting policies adopted by the Group:

The table below presents the reconciliation of the financial position of the joint ventures and associated companies with the value presented in Jerónimo Martins’ financial statements:

The table below presents the reconciliation of the application of the equity method to the joint ventures and associates with the amounts reported in the Jerónimo Martins financial statements: